The federal government's fiscal outlook has been in decline since the Bush administration, and President Trump's new budget plan is another step in the wrong direction.
Trump's 2019 budget ramps up spending on the military and border security. Although the budget offers some ideas for domestic spending cuts, most of these won't see the light of day. In other words, it continues the long-term unwinding of the nation's fiscal discipline.
The newly released 2019 plan calls for $4.407 billion of expenditures while forecasting $3.422 billion in revenue, resulting in an anticipated deficit of just under $1 trillion. The budget forecasts a similar amount of red ink in 2020, followed by declining deficits—but never a budgetary balance—through the rest of the ten-year projection window.